Gold futures ease as U.S. dollar extends gains
LOS ANGELES / MarketWatch, (29/8) � Gold futures fell Thursday, with a gain in the U.S. dollar on Syria-related concerns tugging at prices after they climbed to their best levels in nearly three months.
Gold for December delivery declined $9.20, or 0.7%, to $1,409.70 an ounce in electronic trading.
The move followed a rise in the U.S. dollar against key rivals, extending gains from Wednesday as investors awaited word on possible U.S.-led military action against Syria, which the White House said used chemical weapons in an attack near Damascus last week. Syria has denied the accusation.
If the dollar strengthens, dollar-denominated commodities such as gold become more expensive for holders of other currencies to purchase, which can in turn depress futures prices.
Gold on Wednesday slipped 0.1% on the Comex division of the New York Mercantile Exchange, but it had bounced up to as high as $1,434 an ounce in electronic trade.
http://www.marketwatch.com/story/gold-futures-ease-as-us-dollar-extends-gains-2013-08-29
Gold for December delivery declined $9.20, or 0.7%, to $1,409.70 an ounce in electronic trading.
The move followed a rise in the U.S. dollar against key rivals, extending gains from Wednesday as investors awaited word on possible U.S.-led military action against Syria, which the White House said used chemical weapons in an attack near Damascus last week. Syria has denied the accusation.
If the dollar strengthens, dollar-denominated commodities such as gold become more expensive for holders of other currencies to purchase, which can in turn depress futures prices.
Gold on Wednesday slipped 0.1% on the Comex division of the New York Mercantile Exchange, but it had bounced up to as high as $1,434 an ounce in electronic trade.
http://www.marketwatch.com/story/gold-futures-ease-as-us-dollar-extends-gains-2013-08-29
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